1015 Park Ave Nanaimo, British Columbia V9R 4J5

$2,380,000

DEVELOPMENT OPPORTUNITY! 1015 Park Avenue is a 4.74-acre multi-family development site offering significant density upside supported by extensive preliminary due diligence. A new 2024 topographic survey and slope analysis prepared by Turner & Associates identifies approximately 1.463 ha of developable land, supporting an estimated 23 units under current R10 zoning. The greater opportunity lies in the property's Suburban Neighbourhood OCP designation, which supports density up to 25 units per hectare. Preliminary discussions with City planning staff have identified a potential pathway to higher density through R10 zoning with Site Specific Density, subject to an acceptable development concept, compliance with applicable Steep Slope Development Guidelines, technical review and City approval. The seller engaged Newcastle Engineering to investigate that potential through terrain modelling, slope analysis and preliminary concept planning. Multiple layouts indicate the site may have the physical capacity to accommodate approximately 36 townhouse units, with concepts addressing building placement, internal access, grading and site constraints. The due-diligence package includes topographic and slope analysis, developable-area calculations, terrain modelling, Geotech and site-constraint information, preliminary engineering work and multiple concept layouts—providing developers with an advanced starting point for evaluating rezoning, design, servicing and project feasibility. Minutes from VIU, transit, schools, shopping and major transportation corridors. A compelling opportunity to pursue a higher-yield Nanaimo townhouse project with substantial preliminary technical work already completed. All development concepts and unit counts are preliminary and subject to purchaser due diligence and required approvals. (id:63400)

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https://www.realtor.ca/real-estate/29792713/1015-park-ave-nanaimo-south-nanaimo